Property Type

Mack-Cali Acquires 196,000 SF Office Building in New Jersey’s Metropark for $53.1M

by Amy Works November 17, 2015

EDISON, N.J. — Mack-Cali Realty Corp. has acquired an office building located at 333 Thornall St. within Metropark in Edison. The 196,000-square-foot property, known as Metroview, sold for $53.1 million; the name of the seller was not disclosed. The company plans to integrate its existing building at 343 Thornall St. with the new acquisition through the construction of an interconnected, landscaped walkway, to create an approximately 400,000-square-foot campus. On-site amenities include a terraced, outdoor seating area and exercise components. The building was 96 percent leased at the time of sale.

November 17, 2015

New Jersey Northeast Office

Onyx Equities, Rubenstein Partners Complete $20M Renovation of 30 Montgomery Street in Jersey City

by Amy Works November 17, 2015

JERSEY CITY, N.J. — Onyx Equities and Rubenstein Partners has completed the $20 million renovation of 30 Montgomery Street in Jersey City. The 15-story, 320,000-square-foot building has been transformed into a state-of-the-art, Class A property with an additional 8,000 square feet of retail space. Improvements include a complete replacement of windows, a high-efficiency HVAC system, installation of a backup generator, a new executive conference center, modern finishes in the common areas and the addition of a ground-level, urban retail amenity, which includes a 15-foot vaulted ceiling at the front entrance and possible outside, café-style seating. Vericon Construction served as the lead contractor, while Environetics designed the building’s new features as the architect of record for the project, which took 11 months.

November 17, 2015

New Jersey Northeast Retail

Compass Self Storage Acquires Property in New Jersey

by Amy Works November 17, 2015

ASBURY, N.J. — Compass Self Storage, a member of the Amsdell family of companies, has acquired a self-storage property located at 190 Route 173 West in Asbury for an undisclosed price. The property, which offers more than 64,000 net rentable square feet, features drive-up access, indoor climate-controlled units, digital surveillance, electronic access, online payments, truck rental and a full line of moving and packing supplies. Compass Self Storage has an improvement package planned for the property, including upgrading the interior sales office, rebranding the signage and adding additional lighting to the property. Operated by Compass Self Storage LLC, the property is the company’s 60th store opened under the Compass flag and its fifth location in New Jersey. The acquisition was made by separate affiliates of Cleveland, Ohio-based Amsdell Group LLC and Compass Self Storage LLC. The name of the seller was not released.

November 17, 2015

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $53M

by John Nelson November 17, 2015

NEWNAN, GA. — The RADCO Cos. has purchased Columns at White Oak, a 561-unit apartment community located in the Atlanta suburb of Newnan. Atlanta-based RADCO purchased the property from ECI Group for $53 million. Cushman & Wakefield brokered the transaction. RADCO has renamed the project Creekside at White Oaks. The property includes three swimming pools, two large fitness centers, a private fishing lake, dog and play parks, grilling and gathering areas, balconies and garages. RADCO financed the acquisition with private capital and financing from CIBC Bank. Since August 2011, the company has raised $330 million of private capital to fund its purchases. RADCO will invest about $5.5 million to renovate the community’s clubhouse, leasing center, fitness center and pool deck. The Atlanta-based firm will also build a new playground, upgrade the interior unit finishes and enhance the property’s landscaping. RADCO’s portfolio now includes 46 multifamily assets with three additional properties under contract set to close by the end of December.

November 17, 2015

Industrial North Carolina Southeast

Monmouth Acquires 330,717 SF Distribution Center in Metro Charlotte for $32M

by John Nelson November 17, 2015

CONCORD, N.C. — Monmouth Real Estate Investment Corp., a publicly traded REIT, has purchased a new 330,717-square-foot industrial building located at 4690 Global Ave. N.W. in Concord, a northern suburb of Charlotte. Monmouth purchased the distribution center, which is net-leased to FedEx Ground Package System Inc., for nearly $32 million. The facility is located on a 59.4-acre site near I-85.

November 17, 2015

District of Columbia Multifamily Southeast

CAS Riegler Completes Apartment Community in D.C.’s Logan Circle Neighborhood

by John Nelson November 17, 2015

WASHINGTON, D.C. — CAS Riegler Cos. has completed construction on HOLM, a 38-unit luxury apartment community located at 1550 11th St. N.W. in Washington, D.C.’s Logan Circle neighborhood. The four-story property includes a rooftop deck, approximately 3,000 square feet of street-level retail space, catering kitchen, below-grade parking garage, private courtyard and bike storage. This new apartment community is pet-friendly and is situated right across the street from Shaw Dog Park and four blocks for a Metrorail station. Monthly rental prices start at $2,250 for one-bedroom apartments and $3,200 for two-bedroom units; penthouse apartments range from $4,200 for a one-bedroom unit to more than $7,500 for a three-bedroom residence.

November 17, 2015

Loans Louisiana Multifamily Southeast

Greystone Provides $30.6M Construction Loan for Apartment Community in Louisiana

by John Nelson November 17, 2015

PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.

November 17, 2015

Georgia Hospitality Southeast

Winter Construction Expands Chateau Elan Winery & Resort

by John Nelson November 17, 2015

BRASELTON, GA. — Winter Construction has completed a 33,000-square-foot, two-level addition to the Chateau Elan Winery & Resort, a four-diamond hotel in Braselton. The addition includes a ballroom with partitions, pre-function and service space, restrooms, storage and office space. The new Paris Ballroom features 20-foot ceilings, French chandeliers and an outdoor terrace. The addition is the largest construction project at the hotel in recent years, according to Winter Construction. The Atlanta-based general contractor worked with architect Chapman, Griffin, Lanier, Sussenbach Architects on the addition.

November 17, 2015

Industrial Midwest Ohio

Lee & Associates Arranges $14.3M Sale of Net-Leased Industrial Building in Ohio

by Christina Cannon November 17, 2015

GENEVA, OHIO — Lee & Associates has arranged the $14.3 million sale of a manufacturing facility used for research and development in Geneva, approximately 50 miles northeast of Cleveland. Triple Net Acquisitions LLC purchased the single-tenant property from Chadbourne Industries and Austieboy LLC. The property consists of 239,454 square feet split between two buildings. The buildings were renovated in 2006 and 2008. At the time of sale, Hunter Defense Technologies (HDT Global Inc.) had 10 years remaining on a 15-year, triple-net lease. HDT Global is a manufacturer of products for mobile expeditionary missions in extreme environments for military, government, industrial and commercial market customers. Ryan Barr, Ryan Bennett and Joseph Greenberg of Lee & Associates represented the sellers in the transaction. Brian Garbutt of Lee & Associates represented the buyer.

November 17, 2015

Midwest Ohio Retail

Foresite Realty Brokers Sale of 117,410 SF Retail Center Near Dayton

by Christina Cannon November 17, 2015

MIAMISBURG, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners, has brokered the sale of an 117,410-square-foot shopping center in Miamisburg, a southwest suburb of Dayton, for an undisclosed price. Southland 75 Shopping Center is anchored by Hobby Lobby and Dollar Tree. The retail center, located at 8265-8361 Springboro Pike, is shadow anchored by Furniture Fair and the Dayton Mall. The buyer, an affiliate of RCG Ventures that specializes in value-add retail properties, was represented by Jeff Miller of RCG. Foresite Realty represented the undisclosed seller in the transaction.

November 17, 2015

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